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SBI, Oman's SGRF set up $100 mn India equity fund

Date: 15-07-2010

SBI and the sovereign wealth fund of Oman today set up a fund with an initial corpus of $ 100 million (about Rs 450 crore) to pick up equity in Indian projects. It will be expanded to $1.5 billion (about Rs 6,750 crore) in due course. The initial corpus will be contributed equally by SBI and SGRF and both sides will manage the fund jointly.

 

The Sultanate of Oman is keen to diversify its oil and gas industry-based economy to a modern industrialised economy and for this purpose, the country needs investment in manufacturing, tourism, warehousing and other allied industries.crackcrack